World Bank says Indian Economy to Grow by 7.3% in 2018-19

World Bank says Indian Economy to Grow by 7.3% in 2018-19 — The World Bank is estimating India’s economy to grow by 6.7 per cent during the current fiscal year, higher than the 6.5 per cent estimate by the Indian government. The Gross Domestic Product (GDP) growth is expected to rise to 7.3 per cent in 2018-19, making India again the world’s fastest growing economy, according to the World Bank’s Global Economic Prospects report released on Tuesday. The report dropped the growth estimate for 2017-18 by 0.1 per cent from its projection June 2017, because of the disruptions to the economy from the Goods and Services Tax (GST).

But it raised the growth forecast for 2018-19 by 0.1 per cent from the June figure. The Bank forecast GDP growth of 7.5 per cent in 2019-20 and 2020-21. The World Bank saw benefits down the road from GST. “Over the medium term, the GST is expected to benefit economic activity and fiscal sustainability by reducing the cost of complying with multiple state tax systems, drawing informal activity into the formal sector, and expanding the tax base,” the report said.

The Bank put the growth estimate for China’s economy for 2017 at 6.8 per cent and forecast 6.4 per cent increase in 2018. In its overview the Bank said it finally saw the world economy recovering from the financial crisis that hit the world with full force in 2011.

It said, “2018 is on track to be the first year since the financial crisis that the global economy will be operating at or near full capacity.” The report forecast the global growth rate to edge up to 3.1 per cent in 2018 after “a much stronger-than-expected” 2017 growth of three per cent in 2017. “The broad-based recovery in global growth is encouraging, but this is no time for complacency,” World Bank Group President Jim Yong Kim said in a statement. “This is a great opportunity to invest in human and physical capital.”

7 thoughts on “World Bank says Indian Economy to Grow by 7.3% in 2018-19”

  1. महाराष्ट्र सरकार सोमवार से अरहर की सरकरी खरीद शुरू करने जा रही है। सूत्रों से मिली जानकारी राज्य सरकार को केंद्र से इसके लिए हरी झंडी मिल गई है। पूरे प्रदेश में करीब 100 खरीद सेंटर बनाने की तैयारी है। आपको बता दें इस साल केंद्र सरकार ने अरहर का 5450 रुपये प्रति क्विंटल एमएसपी तय किया है। हालांकि किसान एमएसपी से करीब 20 फीसदी नीचे के भाव पर अपना माल बेचने को मजबूर हैं। फिलहाल पिछले हफ्ते से ही राज्य की मंडियों में नई अरहर आनी शुरू हो गई है।

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